US Steel Jumps 8.1%

Rising technology stocks helped US indexes recover more of their holiday-season slide that bridged the new year.

• The S&P 500 climbed 0.6% Monday, its second straight gain following five straight losses.
• The Dow Jones Industrial Average lost an early gain to slip 0.1%.
• The Nasdaq composite rose 1.2%.

Nvidia was the strongest force lifting the S&P 500. It rose 3.4% ahead of a speech by CEO Jensen Huang at the annual CES convention in Las Vegas, the AP reports. Treasury yields were relatively steady after a report showed strength among US services businesses.

Uber Technologies drove 2.6% higher after the ride-hailing app said it would accelerate $1.5 billion in purchases of its own stock, part of a previously announced $7 billion buyback program. Uber's chief financial officer, Prashanth Mahendra-Rajah, said it's making the move because its stock price looks cheap compared with the strength of its business. US Steel climbed 8.1% after it and Japan's Nippon Steel filed a federal lawsuit challenging President Biden's decision to block a proposed nearly $15 billion deal for Nippon to buy its Pittsburgh-based rival.

This upcoming week will have one fewer day of trading than usual, with markets closed on Thursday in observance of a National Day of Mourning for Jimmy Carter, but the calendar is still packed with potentially market-moving events. Tuesday will deliver the latest updates on monthly job openings advertised by US employers and on the health of businesses in the services industries. On Wednesday, the Federal Reserve will release the minutes from its last policy meeting, where it cut its main interest rate for a third straight time but hinted fewer reductions may come in 2025. Friday will bring the week's headliner: the monthly jobs report, along with an update on how US consumers are feeling.

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